Scarica Understanding the Evolution of Credit: From Participation to Loans and Shares - Prof. Sart e più Appunti in PDF di Diritto Bancario solo su Docsity! DIRITTO BANCARIO There are two notions in credit law - credit: financial services have generally replaced banking and credit - law Credit institutions: it is the overall denomination for banks and their activist Historical banks were the place that centralized savings and capitals and distributed them - to big firms - to governments -> cooperation through the distribution of capital If we look at the history of credit, then we’ll find its roots - not in loans - The historical beginning of the credit society is the society in legal forms: societies: participation. They put their capital in order to create a bigger capital to run the enterprise -> profit sharing Interest did not exist, it existed profit sharing Partecipazione and links to the other: community was the basis for the society. The was an obstacle to the development of bigger capital units. Loan develope as long as profit as guaranteed. …. From its roots root it was wrong. In the law this trick is still visible from partecipativo to the loan -> capital market law —> retail banking There are two elements - savings and loan - shares therefore investments These wlwmwnts are so distinct nowadays. What are the differences? - shares: dividends: capital gain that comes from the sales price of the shares. Shares grow in their value. If we - instead of buying a share, the profit comes from the interest. Does the capital change? . NO. we don’t get more capital back from that one you lent. 1830 civil code Who is the debtor in shares trade: shares are commercial papers. Commercial paper security: secuirtization : -> cartolarizzazione Claim put in a paper: we can sell the paper: a signed claim to a loan of somebody else. We learned very early since the paper is itself a claim. We can sell as an abstract claim. As soon as the debtor collapses, then it is not so abstract. Who is a debtor of the security: the the issuer: we give credit to an institution. The basic idea of te participation is that one cannot easily get out. -> that is why the enterprise who issued the paper does not take it back: it is a credit for ever. There is an exception: when the business stops: resolution of the enterprise. E.g.: bankruptcy: they have to pay back the participation. The idea is to take over the risk, to participate to the risk. in management studies the call this form of credit to own capital. Of course one can have the choice of going to a bank and ask fo a loan In the balance - loan is called foreign capital That is where historically the banks were. -> una banca, un ente solido deve garantire l’emissione di azioni, la quotazione in borsa. Perché deve comprare una quota di azioni il legislatore non si fida di aziende che emettono azioni così On the other hand: - loan is a foreign capital. The entrepreneur has to repay the loan, he cannot put in the balance sheet as an active element Bank law comes from an idea: centralization of capital and re-distirbution: without cooperation and participation an economy cannot grow. The are more opportunities. The difference is the spread: one have good chances, others have less chances. It is like: yes there is solidarity but you have to pay for it. It like to put an extra tax We have a right We have two different definitions in Italian law: Civil code: deliver of a detained amount of money TUB: delivery of a credit? Is credit something different from money? What is a credit? Credit is - an obbligazioni in legal terms - credit is the use of the capital, not the capital itself The idea is to use it. You pay not for getting the capital, but for the use of the capital. If one pays fora car, you pay a price. How is the price of a credit regulated? What is its essence? Price of the credit is the interest - how is it calculated? It is not an amount of money, it is a percentage and TIME. I od not want to acquire men, I only want to use it. He time is defined in the contract and it is limited. -> duration of the provision Time and use The more you borrow the longer you pay.
